The Dow Jones Industrial Average extended its advance Tuesday, climbing 537.24 points, or 1%, to close at 52,747.32 as strong earnings from Coca-Cola, Sherwin-Williams and Boeing lifted blue-chip stocks. The gain marked the Dow’s third consecutive session with a triple-digit increase and its strongest percentage performance since early July.

The broader market was less decisive. The S&P 500 rose 15.60 points, or 0.2%, to 7,428.78, while the Nasdaq Composite fell 55.17 points, or 0.2%, to 24,876.91. The Russell 2000 index of smaller companies added 5.77 points, or 0.2%, to finish at 2,953.80.

The divergence reflected a widening rotation away from semiconductor and artificial-intelligence stocks and toward consumer, industrial and defensive companies. The Dow benefited disproportionately because it is weighted according to share price rather than market capitalization. Large moves in higher-priced components such as Sherwin-Williams can therefore have a greater effect on the index than comparable percentage changes in lower-priced companies.

Sherwin-Williams shares gained roughly 8% after the paint and coatings company released its second-quarter results and provided an encouraging outlook. Coca-Cola advanced about 5%, becoming another major contributor to the Dow’s rise after reporting stronger revenue, earnings and beverage volume.

Coca-Cola said second-quarter net revenue increased 7% from a year earlier to $13.4 billion. Global unit case volume grew 5%, while reported earnings per share increased 16% to $1.03. The company also raised its full-year projections, forecasting organic revenue growth of approximately 5% and comparable earnings-per-share growth of 9% to 10%. The results indicated that demand for the company’s beverage portfolio remained resilient despite uneven consumer conditions and persistent pressure from input costs.

Boeing shares rose approximately 4.5% after the aerospace manufacturer reported second-quarter revenue of $24.6 billion, up 8% from the same period a year earlier. The company delivered 171 commercial airplanes during the quarter, generated $1.4 billion in operating cash flow and ended the period with a record backlog of $715 billion.

Boeing still reported a quarterly net loss of $428 million, or 67 cents per share, but the loss narrowed from $612 million a year earlier. Investors focused on higher aircraft deliveries, improved cash generation and signs of greater operational stability. Those indicators are closely watched because Boeing’s commercial-aircraft production affects a wide network of U.S. suppliers, manufacturers and transportation companies.

The earnings-driven gains were not universal. Corning fell about 12% following its quarterly update, while United Parcel Service declined roughly 6.5%. The contrasting reactions demonstrated that investors were rewarding companies that exceeded expectations or raised their outlooks while quickly selling businesses that offered weaker guidance or showed signs of pressure on demand and margins.

Technology stocks remained the market’s primary source of weakness. Memory and semiconductor shares continued a selloff that had spread across global markets. Micron Technology fell about 9%, Intel declined approximately 5%, and shares of Sandisk, Western Digital, Seagate Technology and other storage-related companies posted substantial losses. Exchange-traded funds tracking memory and semiconductor companies also declined sharply.

The retreat followed growing concerns about whether the pace of artificial-intelligence infrastructure spending can continue producing sufficient returns. Chip companies had been among the market’s strongest performers earlier in the year, leaving valuations elevated and increasing their sensitivity to earnings disappointments, changes in capital-spending plans and signs of oversupply.

The Nasdaq recovered substantially from its intraday low but was unable to finish in positive territory. Software and selected megacap companies provided support, suggesting that the technology selloff was concentrated more heavily in semiconductor and hardware businesses than across the entire sector.

Energy markets offered additional support for equities. West Texas Intermediate crude futures fell about 4% and settled near $79.26 a barrel, while Brent crude declined to approximately $83.80. The pullback continued as investors monitored a pause in hostilities involving the United States and Iran and assessed the likelihood of further diplomatic discussions.

Lower oil prices eased immediate concerns that energy costs could produce another inflation shock. They also helped pull Treasury yields down, with the 10-year yield remaining above 4.6% but retreating from the previous session. Falling yields can support stock valuations by reducing the discount rate applied to future earnings and lowering borrowing costs for households and companies.

The market’s advance came as the Federal Reserve began a two-day policy meeting. Investors were uncertain whether officials would leave interest rates unchanged or respond to inflation risks with tighter policy. That uncertainty limited enthusiasm in rate-sensitive sectors and kept attention focused on the central bank’s statement and guidance.

The earnings calendar added another layer of risk. Results from Microsoft, Meta Platforms, Apple, Amazon and other technology leaders were expected to provide a clearer measure of corporate spending on artificial intelligence, data centers and cloud infrastructure. Investors were particularly focused on whether revenue growth could justify the sector’s enormous capital commitments.

Tuesday’s performance nevertheless showed that positive corporate results could offset weakness in parts of the technology sector. The Dow’s advance, combined with gains across consumer staples, health care and selected industrial companies, pointed to a broader set of market leaders than investors saw during the first half of the year.

The sustainability of that shift remained uncertain. A prolonged rotation could reduce the market’s reliance on a small number of technology companies and create a healthier distribution of gains. But disappointing megacap earnings, renewed increases in oil prices or a more restrictive Federal Reserve stance could quickly reverse the move and restore pressure across major U.S. indexes.